Melrose Credit Union based in Briarwood (Queens), New York, is offering some very competitive share certificate rates which are much higher than the average savings rates available these days. Current 12 month share certificate rates are at 0.90 percent with an APY of 0.90 percent. While a share certificate rate of less than 1 percent doesn't sound that great when you compare it to the current average FDIC savings rate of 0.08 percent, that rate looks a lot better.

Melrose Credit Union's 12 month share certificate rate is also a lot higher than current 12 month CD rates in the FDIC rate survey this week. Average 12 month CD rates are at 0.25 percent, almost one quarter of Melrose Credit Union's rate. The credit union's share savings account rate is also many times the FDIC average. Current Melrose share savings account rates are at 0.50 percent, more than 6 times the FDIC average.

Melrose is a rather large credit union when compare to other credit unions, which makes sense because Melrose, based in Queens, NY, is in a borough of the largest city in the United States. Melrose has over 21,000 members, over a billion dollars in assets and loans right now. Following is some financial information on Melrose.

Melrose Credit Union Financial Information

Members: 21,613

Employees: 59

Total Assets: $1,234,540,000

Total Loans: $1,121,320,000

Net Worth Ratio: 21.48%

Share Growth: 44.09%

Loan Growth: 22.72%

Loan Assets Ratio: 90.82%

Investment Assets Ratio: 6.50%

The highest share certificate rates at Melrose are on their longest term certificates. Current 60 month rates are at 1.95 percent with an APY of 1.96 percent. Here is a complete list of current share certificate and IRA certificate rates:

Melrose Credit Union Rates

1 Year Rates 0.95% APY 0.95%

2 Year Rates 1.20% APY 1.21%

3 Year Rates 1.45% APY 1.46%

4 Year Rates 1.70% APY 1.71%

5 Year Rates 1.95% APY 1.96%

You can see how Melrose Credit Union rates compare with other savings account rates and CD rates by using our rate tables to find the best rates.